Saudi listed banks reported a net profit of SAR 8200m for Q3-2014; 2% less than analysts’ estimates of SAR 8371m.
Four banks showed a negative deviation from analysts’ estimates led by “Al-Jazira Bank” which deviated by 75% anf followed by “AlRajhi” at 12%, “Riyad Bank” and” Saudi Hollandi Bank” at 3% each. “Bank Al-Bilad” and “Banque Saudi Fransi” exceeded the estimates by 10% and 11% respectively.
The table below shows the comparison of banks results to the average analyst estimates for Q3 2014:
|
Saudi Banks Q3-2014 profits and analysts estimates |
|||
|
Deviation (%) |
Estimates |
Profits |
Bank |
|
(3%) |
1148.0 |
1076.0 |
RIBL |
|
(75%) |
192.0 |
47.0 |
BJAZ |
|
+5% |
354.0 |
371.2 |
SIBC |
|
(3%) |
477.0 |
461.8 |
Saudi Hollandi |
|
+10% |
842.0 |
926.0 |
Saudi Fransi |
|
+2% |
1036.0 |
1059.0 |
SABB |
|
+4% |
721.0 |
747.9 |
Arab National |
|
+5% |
1223.0 |
1281.0 |
SAMBA |
|
(12%) |
1884.0 |
1662.0 |
Al Rajhi |
|
+11% |
215.0 |
237.1 |
Al Bilad |
|
+3% |
320.0 |
331.0 |
Alinma |
|
(2%) |
8371.0 |
8200 |
Total |
5 financial companies issued their Q3’s profits estimates: NCB Capital and Alistithmar Capital covering 10 banks, while Bakheet covered (9 banks), KSB Capital Group (4 banks) and AlBilad Capital which covered (1 bank).
“Al-Jazira Bank” and “Bank Al-Bilad” results are far from research firms estimates where the nearest result of “Al-Jazira Bank” is 74% higher than the actual results and “Bank Al-Bilad” nearest result is 9% less than the actual results.
The table below shows banks nearest estimates for Q3 2014:
|
Comparison of actual profits to nearest estimates from experts |
|||
|
analysts |
deviation |
Nearest estimate |
Bank |
|
NCB Capital |
+2% |
1050 |
RIBL |
|
Alistithmar Capital |
(74%) |
183 |
BJAZ |
|
Bakheet |
+3% |
361 |
SIBC |
|
NCB Capital |
(3%) |
476 |
Saudi Hollandi |
|
NCB Capital |
+5% |
884 |
Saudi Fransi |
|
Bakheet |
+4% |
1020 |
SABB |
|
NCB Capital |
+1% |
741 |
Arab National |
|
Bakheet |
+2% |
1250 |
SAMBA |
|
NCB Capital |
(7%) |
1791 |
Al Rajhi |
|
NCB Capital & Bakheet |
+9% |
217 |
Al Bilad |
|
Bakheet |
(1%) |
334 |
Alinma |
The results of Saudi banking sector during Q1-2014 met the average of analysts’ estimates while Q2-2014 results were 4% higher than analysts’ estimates.
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